Performance Rewards
Reward systems seek to attract, retain, and/or motivate people so as to improve organisational performance and/or lower costs. Most rewards systems fail to deliver as hoped, and some have been shown to have a negative impact. The simple reward is money in the form of a bonus or a link to profitability. However, people are more complex than that, and money turns out to be ineffective as a universal motivator. Research has shown that while people will kick up a fuss if they are paid too little, they will not perform better in proportion to generous payments. The whole reward issue is as complex as the people being rewarded, but not necessarily complicated. Complex = yes : Complicated = no need.
Who will benefit from Performance Rewards
Any HR or Executive team about to review a current performance reward system, or about to develop the first such system, or who seek to understand why performance rewards are not working for them.
Outcomes of Performance Rewards
Delegates will gain:
- clarity of what performance rewards are supposed to achieve
- appreciation of peak motivators
- insight into links between values, motivation, and rewards
- understanding of how different ‘rewards’ are actually perceived
- understanding of why performance rewards fail
- understand how to improve likelihood of reward scheme working
- understanding of the role of organisational climate and culture
- appreciation for integrated nature of rewards with other systems
- understanding of how it can work - economically
Content of Performance Rewards
- human motivators
- motivating people
- who is attracted to ‘rewards’?
- research results on rewards systems
- organisation climate
- organisation culture
- interaction of climate and performance
- how systems should work
- how and why systems should interact
- developing a simple reward system
- integrating the simple reward system
Duration
- 1 day workshop overview - OR
- 3 days at intervals for interactive program - OR
- combination of seminars, consultancy and coaching as organisation undertakes design, implementation and assessment of a reward system
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